But, as is often the case with new regulations, the federal rules aren't having the intended effect — at least not yet. Instead, the large companies that provide these plans are testing the regulatory waters by disclosing fees in account statements in less-than-transparent ways, making it extremely difficult for employees to figure them out.

Doubtless, the issue of whether many plan providers' statement modifications comply with new rules of the U.S. Department of Labor (DOL) will be the subject of extensive back-and-forth between the lawyers for the government and those for plan providers, who will argue that their companies are complying with the letter of the law (if not its spirit).

In the meantime, the tens of millions of employees in these plans still owe it to themselves and their families to get a grip on fees. Because plan providers have made this tough, with some of them gaming the new disclosure rules, most employees should ask their employers about it.

Does your plan have an independent advisor who can sit down with you and look at your fall account statement? If so, take advantage of his or her services to get a handle on your fees. If your plan doesn't have an independent advisor, why not? After all, employee education and assistance is an important part of your employer's responsibilities concerning these plans. This should also be a matter of concern to your HR department because the DOL requires companies to assure that fees are reasonable for the services being provided.

If all this seems like a lot of trouble, sit back and recall the last time you went to four different tire dealers to get the best price. Now ask yourself: Have you been opening and reading your 401(k) statements? This would be a good time to start. Paying higher-than-necessary fees can scramble your retirement nest egg and cut deeply into the resources you'll need during retirement.

Fees aren't the only significant factor determining how much you're able to invest for retirement. Most 401(k) plans are underfunded, meaning that the holders don't accumulate enough money to retire with dignity. Of course, not everyone makes enough to assure this. But many people could be contributing to their plans out of each paycheck by spending less on unnecessary items.

Some 401(k) holders aren't taking full advantage of their employers' matches to their contributions, so they're leaving free money on the table. Again, it's difficult for many to contribute enough because of the way their current, legitimate expenses stack up against their incomes. The point is to do the best you can to get the best possible retirement finance outcome for your individual situation.

In addition to fees coming out of your account, be sure to ask your plan's advisor about the rationale for how the money in your account is being invested. This is a complex process foreign to many people who aren't trained in financial matters, including many college graduates.

Arranging the right mix of investments in the right amount and adjusting for your personal risk tolerance requires basic knowledge of modern portfolio theory — a set of market maxims and principles that must be carefully applied. And to get the best results, the investments that you buy as a result must be carefully monitored and tweaked, or fundamentally shifted, as you go along.

Ask the advisor about the calculation for your retirement resources. Basically, here's how that works: If you invest x amount a year for x number of years and receive an average return of x and inflation is x, then as of x date you'll likely have about x dollars a year that you can take out of your investment accounts.

How much money you'll have and need henceforth depends on a number of market and personal factors, including how long you'll live. Look at your current plan contributions to see whether you're on track. Chances are, you're not. This calculation is no easy business, but with the right advice, you can make a stab at it.

If HR says your company doesn't provide plan education and advice, ask them to check and see whether they're paying for it. Ask them to check the documentation that all service providers are supposed to have filed with plan sponsors last spring, called a covered service agreement. In it, these service providers must state what they're doing for plans and how much they're charging for each service.

If your plan is paying for these services but not getting them, it may be time to change service providers. By working with your employer to get better advice, you and your fellow employees can get more out of your plan for the long haul and assure a better-funded retirement.

This work is the opinion of the columnist and in no way reflects the opinion of ABC News.

Anthony Kippins is president of Retirement Plan Advisors, Ltd. a Registered Investment Advisory firm that addresses the needs of retirement plans and the employees who invest in them.
An Accredited Investment Fiduciary Analyst (AIFA®) with more than 30 years of experience domestically and abroad, Kippins specializes in providing fiduciary advice to retirement plans on governance, investments and educational services. He also advises individual clients on retirement planning and investment management after retirement.
Kippins serves as managing director of Institutional Fiduciary Assurance LLC, an organization that provides fiduciary advice to trustees of endowments, foundations, non-profit organizations and charitable trusts. He can be reached at rpa@retirementplanadvisorsltd.com.